- Ethereum moves in sync with broad cryptocurrency market.
- $288 resistance caps the upside.
ETH/USD rushed to the highest level since August 22 and touched $288 high late on Monday before retreating to $285 by the time of writing. The second largest coin with the current market capitalization of $28.9B and average daily trading volume of $1.3B has gained 2.6% on a daily basis and lost 1% since the beginning of Tuesday.
Global recovery on the cryptocurrency markets proved to be supportive for ETH in the short-term, but the bullish momentum seems to be fading away on approach to strong technical resistance levels, created by 61.8% Fibo retracement weekly and SMA 100 (4-hour chart) at $287. Once this area is cleared, ETH bulls will have a chance to push the price towards psychologically important $300 where a fresh buying interest might appear.
From the short-term perspective, ETH/USD is supported by SMA50 (4-hour chart) and SMA200 (1-hour chart) both at $278. Once below, the downside may be extended towards $276 level strengthened by SMA100 and SMA50 (1-hour chart). Sunday’s low at $269 followed by $260 is likely to stop the downside.
ETH/USD, 1-hour chart
Share
